Release Details

Linked to the Prime Interest Rate, the New Card Will Give Consumers
Confidence That Their Rate Will Always Be Low

MCLEAN, Va.--(BUSINESS WIRE)--Nov. 18, 2004--Capital One Financial Corporation (NYSE:COF) is announcing a new
credit card with an interest rate equal to the monthly prime lending
rate. With Capital One's new PrimeLock card, whether interest rates
rise or fall, customers can be confident that their rate will always
be among the best in the country. The company introduced the new card
in response to increasing consumer demand for a less confusing and
less time consuming option for conscientious consumers who want to
reduce debt and obtain a long-term, low interest rate.

The low PrimeLock interest rate eliminates the hassle for
consumers who are tired of continually checking credit card rates -
and often switching cards - to ensure that their interest rate remains
competitive. The card's interest rate always equals the prime lending
rate - no matter what. Qualifying consumers can count on getting the
same low interest rates that banks offer their largest business
clients (currently 5.00%). The card joins a long list of competitive
product offerings from Capital One that include a range of rewards and
low pricing features designed to meet the needs of individual
consumers.

"Every month consumers hear about the low prime rate that major
banks charge their best business customers, but even the most
creditworthy consumers rarely get a similar deal," said Pam Girardo,
spokesperson for Capital One. "With PrimeLock, consumers can get
credit where credit is due. The interest rate on the card tracks the
prime rate each month, giving consumers a consistently low rate
without the hassle of searching for or transferring to a lower rate
card."

Consumers who qualify for Capital One's new PrimeLock Platinum
Card can apply the low interest rate savings to new purchases, balance
transfers of various loan types, including personal, home equity,
automotive, retail/department store, and other credit cards. The card
also offers savings and convenience with:

No balance transfer or cash advance fees

No annual fee

Zero liability for fraudulent or unauthorized charges to your
card - online or off

Customized payment dates

Girardo also noted the importance of comparison shopping when
searching for the right lending option. "Whether they're looking for
an auto loan, a mortgage, or a credit card, comparison shopping is one
of the best ways to ensure a consumer is getting the lowest interest
rate. The smartest choice credit smart consumers can make is to
identify the best lending option to suit their lifestyle and budget."

Qualifying consumers can look for an invitation to apply for the
PrimeLock card in the mail. For information on other Capital One
products and services, please visit our Web site at
www.capitalone.com.

About Capital One

Headquartered in McLean, Virginia, Capital One Financial
Corporation (www.capitalone.com) is a holding company whose principal
subsidiaries, Capital One Bank and Capital One, F.S.B., offer consumer
lending products and Capital One Auto Finance, Inc., offers automobile
and other motor vehicle financing products. Capital One's subsidiaries
collectively had 47.2 million accounts and $75.5 billion in managed
loans outstanding as of September 30, 2004. Capital One, a Fortune 500
company, is one of the largest providers of MasterCard and Visa credit
cards in the world. Capital One trades on the New York Stock Exchange
under the symbol "COF" and is included in the S&P 500 index.

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